diff --git a/CHANGELOG.md b/CHANGELOG.md
index bfd2ece..5562ed8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -62,6 +62,13 @@ per-file diff commands.
 
 ### Fixed
 
+- **`salary_lookup.py` prints the privacy footnote only when a row actually carries `N/A*`**
+  - the `* N/A = Too few employees to publish (privacy)` line was appended under every
+  category table, including one where every row has an index, so the output asserted a
+  suppression that never happened (the residual noted on #470). The footnote now follows a
+  flag set by the `N/A*` branch; a table with a suppressed row renders exactly as before.
+  Two `FormatEntryTests` cases pin both directions; the "omitted" one fails on master.
+
 - **`convert_salary_excel.py` pairs a bare `Count`/`Index` column pair instead of
   splitting it, so `salary_lookup.py` no longer labels a published headcount as
   privacy-suppressed** - the pairing loop required a non-empty derived category name on
diff --git a/salary_lookup.py b/salary_lookup.py
index a49fa6e..3a9b7fa 100644
--- a/salary_lookup.py
+++ b/salary_lookup.py
@@ -319,6 +319,7 @@ def format_entry(entry, metadata):
         lines.append(f"  {'Category':<22} {'Count':>6} {index_label:>8}  {'vs Baseline':>10}")
         lines.append(f"  {'-'*50}")
 
+        suppressed = False  # did any row render its index as N/A*?
         for label, data in categories.items():
             display_label = label.replace("_", " ").title()
             count = data.get("count")
@@ -339,9 +340,14 @@ def format_entry(entry, metadata):
                 else:
                     index_str = "N/A*"
                     diff_str = ""
+                    suppressed = True
                 lines.append(f"  {display_label:<22} {count_str:>6} {index_str:>8}  {diff_str:>10}")
 
-        lines.append(f"\n  * N/A = Too few employees to publish (privacy)")
+        # The footnote explains the N/A* marker; printing it under a table with
+        # no such row asserts a privacy suppression that did not happen.
+        lines.append("")
+        if suppressed:
+            lines.append("  * N/A = Too few employees to publish (privacy)")
         if metadata.get("baseline_description"):
             lines.append(f"  {metadata['baseline_description']}")
         else:
diff --git a/tests/test_salary_lookup.py b/tests/test_salary_lookup.py
index d5ac424..5c77af9 100644
--- a/tests/test_salary_lookup.py
+++ b/tests/test_salary_lookup.py
@@ -25,6 +25,39 @@ from salary_lookup import (
 # ---------------------------------------------------------------------------
 
 class FormatEntryTests(unittest.TestCase):
+    PRIVACY_FOOTNOTE = "* N/A = Too few employees to publish (privacy)"
+
+    def test_privacy_footnote_is_omitted_when_no_row_is_suppressed(self):
+        # The footnote explains the N/A* marker. Printed under a table where
+        # every row has an index, it asserts a privacy suppression that never
+        # happened (residual noted on #470).
+        entry = {
+            "company": "Example Corp",
+            "city": "",
+            "categories": {"all_employees": {"count": 500, "index": 108.5}},
+        }
+
+        rendered = format_entry(entry, {"index_baseline": 100, "index_label": "Index"})
+
+        self.assertNotIn("N/A", rendered)
+        self.assertNotIn(self.PRIVACY_FOOTNOTE, rendered)
+        self.assertRegex(rendered, r"All Employees\s+500\s+108\.5\s+\+8\.5%")
+
+    def test_privacy_footnote_is_printed_when_a_row_is_suppressed(self):
+        entry = {
+            "company": "Example Corp",
+            "city": "",
+            "categories": {
+                "all_employees": {"count": 500, "index": 108.5},
+                "small_team": {"count": 3, "index": None},
+            },
+        }
+
+        rendered = format_entry(entry, {"index_baseline": 100, "index_label": "Index"})
+
+        self.assertRegex(rendered, r"Small Team\s+3\s+N/A\*")
+        self.assertIn(self.PRIVACY_FOOTNOTE, rendered)
+
     def test_zero_count_is_displayed_as_zero(self):
         entry = {
             "company": "Example Corp",